A post on Secular-Right India points us at a fantastic WSJ OpEd tracing the origins and rise of Lakshmi Mittal’s steel empire. Predictably, the WSJ loves Mr. Mittal –
A takeover of Arcelor would take Mr. Mittal a long way toward realizing his vision of a dominant global steelmaker in an industry for decades characterized, and brought low, by fragmentation. To pull it off, Mr. Mittal needs to break an Old World taboo against takeovers, hostile or otherwise, involving a company dear to Continental protectionists’ heart. That this task falls to a man born in Rajasthan, and raised in Calcutta, is one of the more delicious gifts of globalization.
Alas, the sentiment isn’t quite universal. Despite swashbuckling his way through the developing world and transforming almost overnight one of the oldest, stodgiest industries in the world, 3rd Way advocates appear tougher to tame. They hit back with words which will strike some SM’ers as rather racially-tinged –
Valery Giscard d’Estaing, the former French president, warned against giving into economic “laws of the jungle.” A former French finance minister referred to Mr. Mittal as “an Indian predator,” although his company is traded and based in Europe and he hasn’t lived in India for 30 years. Mr. Dollé, the Arcelor boss, said Rotterdam-based Mittal Steel is a “company full of Indians” that wants to buy his with “monnaie de singe.” The expression means “monopoly money”–Mittal’s offer is mostly shares–but the literal translation is “monkey money.” That double-entendre wasn’t lost on people.